Barbara Corcoran's Tips For Small-Business Owners

Barbara Corcoran is an American businesswoman, investor, speaker, consultant, syndicated columnist, author, and television personality. As a television personality, she is a "Shark" investor on ABC's Shark Tank.  To me (and I'm sure to many other business owners), she is an inspiration, especially when knowing her past and how she came to be.  Below are 6 out of 12 tips she offered to small business owners. To read the full article on Forbe's, click here.

Barbara Corcoran’s credentials include straight D’s in high school and college and 20 jobs by the time she turned 23. It was her next job that would make her one of the most successful entrepreneurs in the country when she took a $1,000 loan to start The Corcoran Group. She parlayed the loan into a $5 billion real estate business and sold it in 2001 for $66 million.

1. Don’t Be Afraid to Make Big Mistakes.  All the best things that happened in my business happened on the heels of failure. The only difference between people who are hugely successful and those who aren’t is the time it takes them to get back up after getting knocked down.

1. Little Companies Always Move Faster.  The big guy may have the corner on money but the little guy usually has the corner on creativity.   Take some time to sit down and figure out how your big rival is promoting their brand and plan something smarter and more creative for yours.
   
   
2. Take Full Advantage of all the Free Social Media Out There.  Before you go out and blow money on advertising, capitalize on the free online access that leads you direct to your customers. Blog, Tweet with humor, and make as many friends as you can on Facebook. You can quickly build a huge following of customers willing to try your new product without spending a dollar on advertising.
   
   
3. Choose Only Really Good People.  Make sure you pick good people to build your business with, as they’ll determine 80% of your success.  The best people are honest and have lots of enthusiasm.  Don’t worry too much about their level of experience when you’re interviewing, as the right attitude always delivers much more than just experience.
   
   
4. Focus On What’s Already Working For You and Do More Of It.  When you look for ways to expand your business, the real pot of gold is usually the same stuff that’s already proven successful.  So before you move on to the next exciting project or a new strategy, s-l-o-w down.  Do a lot more of what’s already working and then do the new stuff.
   
   
5. Shoot the Dogs Early!  If you spot a complainer and if you have the authority to do it, fire them right away.  Complainers are like thieves, robbing you and your company of its good energy.  Your whole team’s outlook will shine brighter once you’re rid of them.